Prepare the Summary Entries Necessary to Determine the Amount of Cash

question 101

Essay

Prepare the summary entries necessary to determine the amount of cash paid to suppliers for each of the four independent situations below. $$\begin{array} { | l | l | l | l | l | } \hline \text { Situation }&{ \begin{array} { l } \text { Cost of } \\\text { goods } \\\text { sold }\end{array} } & \begin{array} { c } \text { Inventory } \\\text { incr. } \\\text { (decr.) }\end{array} & \begin{array} { c } \text { Account } \\\text { payable } \\\text { incr. } \\\text { (decr.) }\end{array} & \begin{array} { c } \text { Cash paid } \\\text { to suppliers }\end{array} \\\hline 1 & 400,000 & 6,000 & 0 \\\hline 2 & 400,000 & 0 & 7,000 \\\hline 3 & 100,000 & 6,000 & 7,000 \\\hline 4 & 100,000 & (6,000) & (7,000) \\\hline\end{array}$$

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